You may have to deal with various insurance claims in your life. The procedure of filing the claim is almost the same for all types of insurance coverage. It is important to understand the differences and similarities between insurance claims. This knowledge will prove useful when you need to file an insurance claim.
Auto Physical Damage
Contact your insurance company when you vehicle is damaged after an accident and report the issue. You may be required to provide all details about the accident and wait for your car to be inspected by an inspector from the insurance company. The insurance company may write you a check for damages once it confirms the total value of loss incurred.
Injury Claims
In case you or someone else is injured in an auto accident or other type of accident, you must report it to your insurance provider. A commercial claims adjuster may have to write a report about the incident after interviewing you. Medical reports for the injured must also be submitted to the insurer. Settlement can delay because all medical treatment must be finished first.
Homeowner's Claims
With homeowner’s claims, your insurance company must inspect your damaged property or home before settling your claim. The insurer will settle the value of the property at the time of loss and not the value of the property when it was still new.
Health Insurance Claims
Medical providers usually submit health insurance claims directly to patients’ insurance providers. In such cases, policyholders do not have to file claims themselves. The basic principle of health insurance is that the insurer settles medical fees depending on your contract. However, health insurance contracts differ widely between states and companies.
Life Insurance Claims
To file a life insurance claim, you will be required to provide proof of death, details of the cause of death, as well as details of the life insurance policy. Payments for life insurance claims are often put in a trust account if the beneficiaries are below 18 years old. In case the beneficiaries are adults, payments are often deposited into the account of the beneficiaries.
Commercial Claims
Commercial claims involve many people and large amounts of money. Before offering a settlement, the insurer will look into the circumstances of the claim. Reporting the loss immediately will offer the insurer adequate time to investigate the loss and make timely payments for damages.
--
This article is copyright © NewsCuts.com. Reprint and reproduction not permitted.
